Risk management automation

DISCLAIMER(S) • The opinion here represented are my personal ones and do not necessary reflect my employers views. • Registered brands belong to their legitimate owners. • The information contained in this presentation does not break any intellectual property, nor does it provide detailed information that may be in conflict with any laws (hopefully...) :) 2

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Personal Risk Management 4

Ideal Risk Management A Prioritization process is followed whereby the risks with the greatest (impact) and the greatest probability (likelihood) of occurring are handled first, and risks with lower probability of occurrence and lower loss are handled in descending order. 5

Problem • These are somebody else’s vision of what risk management should be. • At best they are a guideline to give you examples of what others are doing. •At worst they make risk management look overly complicated and make it difficult to get started. 8

Defining Risk • Risk is the potential that a chosen action or activity (including the choice of inaction) will lead to a loss (an undesirable outcome). 9

Evaluating a risk Is the risk acceptable? Is the likelihood or impact low enough that I’m willing to simply accept the consequences if it happens. Is the risk transferrable? •Could I purchase insurance or some other measure to transfer the impact of the risk to another party. Is the risk reducable? • Is there some sort of mitigation that could be put in place to reduce the impact or likelihood of the risk. 16

Risk management is not • It is not a process for avoiding risk. •The aim of risk management is not to eliminate risk, rather to manage the risks involved in business activities to maximize opportunities and minimize adverse effects. •Note: Risk management is not the management of insurable risks. Insurance is an important way of transferring risk but most risks will be managed by other means. 20

Deriving Value • Order by risk level. •Group if the mitigations are the same. •Pass back to various teams stating that project X was approved for consideration in next budget cycle. 21

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